Guaranteed fixed fees for Leasehold Conveyancing in Sunbury On Thames

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While any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Sunbury On Thames, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Top Five Questions relating to Sunbury On Thames leasehold conveyancing

I today plan to offer on a house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have just found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Sunbury On Thames. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?

Most houses in Sunbury On Thames are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are buying in Sunbury On Thames in which case you should be shopping around for a Sunbury On Thames conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your conveyancer will advise you fully on all the issues.

I am tempted by the attractive purchase price for a two maisonettes in Sunbury On Thames which have approximately forty five years unexpired on the lease term. Will this present a problem?

There are plenty of short leases in Sunbury On Thames. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the saleability of the lease reduces and it becomes more expensive to extend the lease. For this reason it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this field

I am employed by a long established estate agency in Sunbury On Thames where we have witnessed a few flat sales jeopardised as a result of short leases. I have been given contradictory information from local Sunbury On Thames conveyancing solicitors. Can you shed some light as to whether the seller of a flat can instigate the lease extension process for the buyer?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

Can you provide any top tips for leasehold conveyancing in Sunbury On Thames from the point of view of expediting the sale process?

  • Much of the frustration in leasehold conveyancing in Sunbury On Thames can be avoided if you appoint lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the purchasers’ lawyers.
  • Many freeholders or Management Companies in Sunbury On Thames charge for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Sunbury On Thames.
  • In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Sunbury On Thames leases often stipulate that internal structural changes or installing wooden flooring calls for a licence from the Landlord approving such works. Should you dont have the paperwork to hand do not contact the landlord without contacting your solicitor before hand.
  • Some Sunbury On Thames leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.
  • You believe that you know the number of years left on your lease but it would be advisable double-check by asking your conveyancers. A purchaser's lawyer will not be happy to advise their client to where the lease term is below 80 years. It is therefore essential at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • I have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Sunbury On Thames conveyancing firm to help?

    Where there is a absentee freeholder or where there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to make a decision on the sum to be paid.

    An example of a Lease Extension case for a Sunbury On Thames flat is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case related to 1 flat. The the unexpired residue of the current lease was 82.93 years.

    When it comes to leasehold conveyancing in Sunbury On Thames what are the most common lease defects?

    Leasehold conveyancing in Sunbury On Thames is not unique. Most leases is drafted differently and drafting errors can result in certain clauses are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the premises
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You could encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Bank of Scotland, and Nottingham Building Society all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.

    Other Topics

    Lease Extensions in Sunbury On Thames